Standard Life said in a statement Saturday that the completion of a merger will be subject to shareholder approval. Aberdeen shareholders would own 33.3 percent and Standard Life shareholders 66.7 percent of the combined group.

Standard Life chairman Gerry Grimstone would become chairman of the board of the combined group, and Aberdeen's chairman Simon Troughton would become deputy chairman.

Standard Life will announce its intentions on making an offer, or not, by the evening of April 1.